Stocks ready to retreat after unemployment jumps to 10.2 percent
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U.S. stocks are set to start the day on an upbeat note, keeping with the momentum from Thursday's two percent surge. The focus this morning is on government's jobs report to be released at 8:30 a.m. Eastern. While there have been signs of growth and recovery in the economy, the labor market has been one of the biggest concerns, as the Federal Reserve statement from Wednesday attests. The employment data will also allow investors to gauge how the upcoming shopping season will fare.
[Update 8:33 a.m.:
Stock futures changed course after the government reported the unemployment rate rose to 10.2 percent, above the 9.9 percent expected. Nonfarm payrolls dropped by 190,000 in October, bringing to total number of jobs lost in the recession to 7.3 million.]
More here: Before the bell: Futures higher ahead of jobs report